Edward Withy and Edward Alexander went into partnership in 1869, with financial backing from Denton, Gray. Their first ship, the Maria Ysabel, was launched in May of that year. Business was good and in 1873 they enlarged their shipyard, allowing the firm to undertake the construction of up to five vessels at one time. At the end of this year, Edward Alexander retired. The financial arrangements with Denton, Gray were concluded and the company name was changed. E. Withy and Company launched the town's first steel-built ship, the Cyanus, in 1880.

Withy emigrated to New Zealand in 1884 and the business was purchased by Christopher Furness. It continued to prosper until 1909, when it was amalgamated with another of Furness' businesses to become Irvine's Shipbuilding and Dry Docks Company Limited.

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